Record sales for the most valuable company. And boeings billions, it is taking a 5 billion hit in the Second Quarter due to the worldwide grounding of what was its bestselling plane ever. And rate cut optimism. Stocks on track to open higher but on pace for worst week since may. Microsoft on track to open at a record high, market cap above a trillion dollars Quarterly Results beat expectations on cloud strength here is nadella on last nights Conference Call. Our commercial Cloud Business is the largest in the world, surpassing 38 billion in revenue for the year with growth margin expanding to 63 . Im proud of what we have accomplished over the last 12 months, and im energized by the tremendous opportunity ahead every day we work alongside our customers to help them build their own digital capability, creating new businesses with them, innovating with them and earning their trust. Cloud is a third of revenue and after at t they had quite the week. Yeah. I did something i never do i list
Going to be most interesting is how the stocks react and what was already built in or was this just kind of a big trade into big cap growth and were not really talking about the quarterly results. Its just a placeholder type investment or are we really banking on great numbers from the likes of facebook and the others . I mean, microsoft is really interesting. Flawless quarter, stocks getting a nice bump, but its not running away whats amazing to me is just how big these companies have become if you look at the numbers and the actual earnings, i like to look at the earnings,theyre not that great earnings from the Technology Group are down this quarter. Earnings from the Technology Group are down in the Third Quarter. The semiconductor has been generally bad with a few exceptions and yet people keep buying these stocks and they keeptelling me well, theres nothing else to buy in growth. Semiconductor index, the smh, weve talked about this before, 2 from historic highs horrible commentato
For the president. But found no collusion required everchanging scope memos from rod rosenstein, the Deputy Attorney general and produced only highly frustrated partisan prosecutors who were trying to overthrow the president. So sad. The attorney general william barr, is the antimueller, he is smart, principled and successful. And as you can see, very talented musically. I love bagpipes to tell you the truth. An 11 attorney general who can do this to kick off prosecutors. Today demonstrating how intellectual leader opens remarks. Right here tonight, we will have the story. And President Trump is this evening on his way to osaka, japan. Where he will attend the g 20 summit where the president plans to meet with a number of foreign leaders and among them, chinese president , xi jinping. Who reneged on a trade deal. Has all been forgiven . Should it be . The president today said any prospect of a trade deal needs intellectual property theft protections. And if communist china is not open
Vid i dont consider myself a journalist. Ofegin to take on the life an interviewer, even though i have a day job running a private equity firm. What is it that makes somebody tick . You have been the ceo of hoover for how long now . Two years. I love it. David the company was not a public company. You have taken it public. You received a lot of public via about the ipo. The company has a higher market capitalization, roughly 72 billion. Then any company in american capitalism history except for facebook, this short a time after the ipo. Why are so many people criticizing you for having a 72 billion market cap . Many i think there are critics for a large company. That is a fact of life. What is different about some of the companies of our generation going public, unicorns, we have stayed private for longer. We have raised more money over a longer time. We havecome public, bigger scale than companies that went public, the last generation of companies. My view is, we wanted to go public.
The president accusing Prime Minister theresa may of making a mess of brexit. He said the u. K. Will have a new Prime Minister soon, good news. In the markets, we are seeing risk off attitude. You want to buy the dollar. Equity futures down. 4 . Semis could get particularly hard. The chip guys have three months of inventory stacked up. Yields going nowhere in the u. S. Oil a bit firmer. You have some iran conflict there, the military playing hardball with bp. Altogether, it is a by dollar story, sell u. S. Equities buy dollar story, sell u. S. Equities. We are joined by Lisa Abramowicz and michael mckee. 72 hours, has a busy giving a speech to open this Boston Press Conference and then going down to d. C. Michael you dont have to pay any attention to boston. Towill be fed by satellite the conference. Tomorrow, you have to be sitting in front of your bloomberg terminal and watching jay powell. He has to ratify the idea of the month, which the markets are anticipating, or we will have in